Prepare For Your 2010 Tax Return & Get More Tax Back


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For many tax clients, preparing for the 2010 tax return will be a drain. However, just a little time dedicated to the task can return a handsome dividend. Whether you are self preparing, using Tax Pack, e-tax or etax, online tax or other elodging your 2010 tax return you can get more tax back.
Don't leave it to the last minute before thinking about strategies to get more tax back in 2010. Your tax planning should start early; below is a suggested timetable:

April
§         Start thinking about what deductible expenses you have incurred this year
§         Do you have copies of receipts for expenses?
§         Do you have copies of investment distribution/dividend statements?
§         If you own property, do you have paperwork up to date in relation to rent, depreciation and expenses?
§         Review your small business paperwork, if applicable.
May
§         Talk to your financial adviser to identify strategies you can put in place for June 30
§         Review CGT position from previous years
§         Review performance of shares in portfolio for the year to date
§         Think about superannuation strategies
§         Consider your wealth protection needs
June
§         Start to collate relevant paperwork (receipts, dividend statements, holding statements, buy or sell contract notes)
§         Co-ordinate the implementation of your tax effective strategies with your financial adviser
§         Talk to your adviser about a portfolio management service that will make next year’s paperwork and tax time simple

 Don't forget Education Tax Refund rebate for relevant school expenses. Visit our blog post Education Tax Refund Fact Sheet for a reminder of things to claim.  


And remember, there are many other tax tips to be found on our tax blog providing more information on a wide range of tax planning issues.

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